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I would give that trademark to Hasbro for free if it meant seeing a real G4 Gusty
If you look at G1 back cards, none of the names, like "Gusty" or "Moondancer" or "Firefly" have Registered Trademarks. A registered trademark is an "R" with a circle around it. They only have "TM", which means they are unofficially claiming it until contested. My theory is that Hasbro NEVER DID have registered trademarks for their pony names in G1!!!!! So as other companies came along, they registered these names for their own non pony stuff.
Anyway, I think we have to believe that whatever Hasbro owns or doesn't they'll have a legal team all over it making sure they aren't losing any money.
But the other part of your idea, registration by fans, would probably not hold up in court because the fans aren't producing toys ..i.e. "using" the names in the marketplace, but maybe the companies that *do* have those names registered *are* producing things in the market place with those names.(I think it works differently than, say, for example domain names.)